Securities Industry (Application of Laws) Regulations 1989 (NSW)

WHEREAS it is provided by section 15 of the Securities Industry (Application of Laws) Act 1981 that where, under the Agreement made on 22 December 1978 between the Commonwealth and the States, the Ministerial Council approves proposed Regulations to be made under that Act for certain purposes, the Governor may make those Regulations:

AND WHEREAS the making of the following Regulations is in accordance with that section:

HIS Excellency the Governor, with the advice of the Executive Council, and in pursuance of the Securities Industry (Application of Laws) Act 1981 and all other powers enabling him in that behalf, has been pleased to make the Regulations set forth hereunder.

Minister for Business

and Consumer Affairs.

1Name of Regulations

These Regulations may be cited as the Securities Industry (Application of Laws) Regulations 1989.

2Commencement

In this Regulation:

the Commonwealth amending Act means the Co-operative Scheme Legislation Amendment Act 1989 of the Commonwealth.

(2)

Regulation 4 takes effect when section 43 of the Commonwealth amending Act commences.

(3)

Regulation 5 takes effect when section 44 of the Commonwealth amending Act commences.

(4)

Regulation 6 takes effect when section 46 of the Commonwealth amending Act commences.

(5)

Regulation 7 takes effect when section 52 of the Commonwealth amending Act commences.

(6)

Regulation 8 takes effect when section 55 of the Commonwealth amending Act commences.

Editorial note—

Sections 43, 44, 46, 52 and 55 of the Commonwealth amending Act commenced on 1.11.1989—see Commonwealth Gazette No S 345 1989.

3Definition of “the Act”

In these Regulations:

the Act means the Securities Industry (Application of Laws) Act 1981.

4Amendment of Schedule 1 to the Act (clause 2)

Schedule 1 to the Act is amended:

• (a)

  by inserting before clause 2 (1) (a) the following paragraph:

• (aa)

  in the definition of Australian company law:

  • (i)

    for paragraph (b) there were substituted the following paragraph:

  • (b)

    a law, or a previous law, of another State or of a Territory,

  • (ii)

    for the words “that Act” there were substituted the words “that Code”,

• (b)

  by omitting clause 2 (1) (d),

• (c)

  by omitting from clause 2 (1) (e) the word “licence” and by inserting instead the word “licensee”,

• (d)

  by omitting from clause 2 (1) (h) the word “securities” and by inserting instead the words “securities business”,

• (e)

  by inserting after clause 2 (1) (h) the following paragraph:

• (ha)

  in the definition of securities law for the words “Companies (Acquisition of Shares) Act 1980” there were substituted the words “Companies (Acquisition of Shares) (New South Wales) Code”,

• (f)

  by omitting from clause 2 (1B) the matter “(5A) and”,

• (g)

  by omitting from clause 2 (1B) the words “(wherever occurring)“ where twice occurring.

5Amendment of Schedule 1 to the Act (clauses 2B–2D)

Schedule 1 to the Act is amended by inserting after clause 2A the following clauses:

2B

In section 6C (2) of the Commonwealth Act for paragraph (d) there were substituted the following paragraph:

(d)

by virtue of the person’s powers, as Public Trustee, under the Public Trustee Act 1913 or a prescribed law of another state or of a Territory,

2C

In section 6J (6) of the Commonwealth Act:

• (a)

  for the words “Futures Industry Act 1986” there were substituted the words “Futures Industry (New South Wales) Code”,

• (b)

  for the words “that Act” there were substituted the words “that Code”.

6Amendment of Schedule 1 to the Act (clauses 13, 13A)

Schedule 1 to the Act is amended by omitting clauses 13 and 13A and by inserting instead the following clause:

13

In section 47 (3) of the Commonwealth Act after the matter “Act 1989” there were inserted the words “of the Commonwealth”.

7Amendment of Schedule 1 to the Act (clause 16)

Schedule 1 to the Act is amended by omitting clause 16 and by inserting instead the following clause:

16

For section 62S (1) of the Commonwealth Act there were substituted the following sub-section:

(1)

This section applies where, immediately before the commencement of section 52 of the Co-operative Scheme Legislation Amendment Act 1989 of the Commonwealth, a person was disqualified, either permanently or for a period, from holding a licence because of:

• (a)

  an order that was made under sub-section 60 (4) of this Code as in force before that commencement, or

• (b)

  an order that was made under section 47 of the Securities Industry Act 1975, or under a corresponding provision of a previous law or under a provision of a law or a previous law of another State, and the operation of section 60 (5) of this Code as in force before that commencement.

8Amendment of Schedule 1 to the Act (clause 16A)

Schedule 1 to the Act is amended by omitting clause 16A.